Evergold Completes Drill Camp at Snoball, Prepares to Mobilize Camp and Drill to Golden Lion, Grants Options

TORONTO, June 17, 2020 (GLOBE NEWSWIRE) — Evergold Corp. (“Evergold” or the “Company”) (TSX-V: EVER) is pleased to provide the following update on preparations for what promises to be an exciting summer of first-ever drilling of selected targets on its two flagship properties, Snoball and Golden Lion.

Snoball Property, Golden Triangle, northwestern British Columbia, Canada: Construction of a camp in support of the pending 2,400 metre Phase 1 drilling program is complete. The camp is located approximately 20 kms from the Pyramid Peak target, just off of Hwy. 37. A survey of the snowpack on and around Pyramid Peak was carried out by helicopter on June 9 and revealed that snowmelt was less advanced than in recent years. In consequence of the continuing avalanche hazard, the start of drilling has been delayed a week to ten days, to approximately June 25. Otherwise, all aspects of the Snoball program are proceeding smoothly.

Golden Lion Property, Toodoggone region, north-central British Columbia, Canada: A fixed-wing airborne survey of snowpack carried out on June 10 again showed more snow than normal, and well-below average snowmelt at the proposed camp site. Consequently, the start of camp mobilization there has been delayed, and is now targeted to commence on June 23. Notwithstanding, the survey indicated that key drill targets such as GL1 North Ridge and GL3 are now mostly exposed, and snowmelt is advancing rapidly at the GL2 target area. Otherwise, all facets of the Golden Lion program are progressing without issue toward launch of the planned 2,400 metre Phase 1 drill program.

A final survey of snowpack at key drill sites on both properties will be carried out by fixed wing aircraft on June 18 or 19. With working capital of $3.4 million, Evergold is well placed to commence the Snoball and Golden Lion drill programs. The Company will provide further updates as operations advance on both properties.

Option Grant

The Company further announces, pursuant to the Company’s stock option plan, that 840,000 stock options have been granted to officers, directors and consultants of the Corporation. The options have an exercise price of $0.66 per share with a term of five years and are subject to vesting conditions.

Quality Assurance and Quality Control

Andrew J. Mitchell, P.Geo., Vice President, Exploration for Evergold Corp. and a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information in this news release.

About Evergold

Evergold Corp. has been assembled by a team with a record of recent success in British Columbia, combining four 100%-owned properties in prime geological real estate from one of BC’s best-known geologists, C.J. (Charlie) Greig, with seasoned management and a qualified board. The Company’s flagship assets consist of the 3,545 hectare Snoball property, located in the heart of BC’s famed Golden Triangle only 12 kilometres off highway 37, where the Company believes it has located the source of a large, strong gold-silver anomaly up-slope of previous work, and the 5,099 hectare Golden Lion property, located well to the east of Snoball in similar Stikine terrane rocks, at the north end of the Toodoggone region, where multiple strong gold-silver-copper targets have been outlined. The Company intends to carry out the first-ever drilling of selected targets on both properties in the now unfolding 2020 field season.

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Cautionary Statement Regarding Forward-Looking Information

This news release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.